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8 Marketing Metrics to Focus on in 2020

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Tracking your key marketing metrics is essential to running an accountable, effective marketing program. If you’re not measuring your performance, how can you know you’re on the right track? But then, extending from this, you also need to know what the right metrics are, in alignment with your broader business goals.

Are you keeping tabs on the right stats? What are the right data points to measure for your business?

These days, there’s a heap of performance measures you can keep tabs on, but in this post, I want to outline some of the most important metrics you should be tracking – and how they’ll help you improve your overall performance.

1. Leads

Generating leads is one of the hardest and most important marketing tasks. Most of what marketing does is aimed at finding or producing leads – people that are potentially interested in your product and can be converted into paying customers.

Tracking leads is the first thing you should be doing. It’s vital to both track the total number of leads generated per month and leads generated by each marketing channel (social media marketing, social advertising, search advertising, content marketing, email marketing, etc).

While there’s nothing essentially wrong with tracking leads using Excel, it can be more helpful to automate the process using a dedicated Customer Relationship Management tool, such as HubSpot or Salesforce. These dedicated tools have specific features to help you keep tabs on performance, and find new opportunities.

2. Qualified leads

Measuring your ‘qualified leads’ is your next key step.

Qualified leads are leads that you’ve seen some level of engagement from – they’re no longer ‘potentially’ interested in your product, they’ve actually replied to your outreach, or engaged in any other way, and can now be transferred to your sales team.

You can calculate the rate of your qualified leads to leads by using this formula:

(Qualified leads / Total leads) x 100 = Qualified lead rate

That will help you get a better understanding of the effectiveness (or not) of your marketing initiatives.

3. Return on marketing investment (ROMI)

As is clear from its name, ROMI doesn’t differ a lot from the more well-known ‘return on investment’ (ROI) metric. But it focuses more specifically on marketing investment – the ROMI metric measures how much revenue a marketing campaign is generating compared to the cost of running that campaign.

ROMI is calculated using this formula:

ROMI = (income from marketing – cost of goods – marketing expenditures) / marketing expenditures) * 100.

If ROMI is less than 100%, that means your marketing investments cost the business, but if it’s more than 100%, the push was profitable.

Unfortunately, it’s not always possible to calculate ROMI, and the result doesn’t always represent the reality. This is why ROMI is just one metric to consider, and you should never over-emphasize any single metric on its own.

4. Referrals

Businesses often neglect tracking referrals, but it’s an important consideration, especially in digital marketing.

There are a number of ways that you can track referrals. For brick and mortar stores, manual referral processes, using referral cards and coupons, for example, might be the easiest options. However, the most popular referral programs are usually run and tracked online.

The most common version of an online referral program starts with a customer signing up to the program, then inviting their friends or followers via a unique referral link or code. Uber and AirBnB are known for having used referral systems as their main approach for attracting customers – through their processes, every signed up friend received a discount for the service, which helped to increase the customer base.

To track such referrals, all you need is an Excel spreadsheet, or you can use Google Analytics, provided you have a unique code for each new visitor.

You can also calculate the rate of referrals using the formula:

Total number of customers / Number of referrals = Referral rate

You need to operate within the rules of each platform, and use programs that are of value to your audience, but referrals can be a great way to help boost brand awareness. Which leads to the next point.

5. Brand awareness

Brand awareness is, essentially, the extent to which consumers are familiar with a particular brand. It might be one of the most vague metrics on this list, as it’s hard to assess how many people have heard about the brand. But it can also be valuable, particularly when matched against competitor brands.

To assess brand awareness, marketers can first track the number of mentions their brand generates online, including in social media posts, blogs, etc. This can be tracked through various social media monitoring tools, including Mention, Hootsuite, BuzzSumoAwario, etc.

You can then also match those same metrics against those of your competitors to get some idea of comparative share of voice.

While these metrics don’t show how many people know the brand, they do show how many people are talking about it, which can be a good way to measure the ongoing impact of your brand awareness efforts.

6.  Testimonials and reviews

Testimonials and reviews are also known as ‘word-of-mouth marketing’. Every business should encourage reviews and testimonials – they can make or break your sales when a potential customer searches for your brand online. And, of course, these are also worth measuring.

Using tools like Reputology or ReviewTrackers, you can find your brand’s reviews, collect them in one place, and measure their growth every month. You should also analyze them by sentiment in order to measure positive and negative reviews separately.

7. Cost of customer acquisition (CAC)

Cost of customer acquisition looks at how much it costs, on average, to convert a lead into a customer. It’s another metric, in addition to ROMI, that can help you avoid wasting money on marketing campaigns which simply don’t deliver.

CAC is calculated with the formula:

Amount spent on lead generation / Number of new customers as a result of lead generation = Cost of customer acquisition

Just like with ROMI, you shouldn’t rely on it alone and overestimate the metric, as there are a number of caveats. For example, a company may have invested in early-stage SEO, and as such, can’t expect to see measurable results for some time.

8. Customer lifetime value (CLV)

Customer lifetime value shows how much revenue each customer brings to your business, not just with every purchase, but throughout your whole relationship. CLV shows how many customers you need to break even, and to make profit.

Increasing customer lifetime value is important, as it’s usually cheaper to keep an existing customer than it is to convert a new one.

The simplest formula to measure CLV is the following:

Customer revenue per year x Duration of the relationship in years – Total costs of acquiring and serving the customer = SLV

This is a fairly basic measure, but it can provide valuable insight to help keep your effortss on the right track.

Is that all?

These are the metrics that I consider important in 2020, however there are many more you can focus on.

Marketing is multifaceted, and everything from SEO to email open rates requires attention. Just make sure you spend at least the same amount of time marketing as you do measuring, because the latter will help you formulate more effective, adaptive strategies over time.

Socialmediatoday.com

MARKETING

Advocate | DigitalMarketer

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Advocate | DigitalMarketer

Happy customers love to share their experience, but sometimes they need some encouragement to do so. The cool thing is, once they do, they become even more loyal to your brand.

So, at this stage of the Customer Value Journey, ask people to share their positive experience with your brand by writing a review or sharing a social media post.

Once you get to stage seven, the Customer Value Journey is going to get a whole lot easier for you. This stage is all about learning your customer’s experience, and building up your testimonial database. 

The most important part of this step is asking these four questions. 

What Was Your Life Like Before Finding Our Solutions? What Challenges Were You Facing That Caused You to Consider Us? 

These questions are great not only because it gives you some really good stories, but because it gives you some insight on how you can provide similar prospects with that AHA moment. Understanding the average day of your clients is important in reflecting on your Customer Value Journey, and helps you understand what really set you apart from your competitors.

What Key Features Had the Biggest and/or Fastest Impact?

Not only is this going to get you to really specific stories, you will understand the specific things you provided that gave the biggest impact. The answers to these questions will not only give you great insight and testimonials, it will provide you with ideas for new lead magnets. This part is a new Entry Point Offer goldmine! 

What Has Been the Impact or Results in Your Life or Business Since Using Our Product or Service? 

This is a fairly broad question, and that’s why we put it after the others. You will have already gotten all of the specifics out of the way with #1 & #2. But when you ask this question, this is where you get the most valuable stories. You can use this part as testimonials, as an order form, as a sales page, this part is testimonial gold. 

If You Were Asked to Justify this Purchase to Your Boss or a Friend, What Would You Say? 

This is our favorite question by far. If you had to go back in time and justify this purchase, what would you say? I promise you what we’re going to find is a lot of great ideas for the jobs that your product or service has done. You’ll get a lot of great ideas for your core message canvas. This question is about backfilling all of the assets that you may not have. Here you’re going directly to the customer who are already happy, and using their justifications to help you sell to new customers. 

Hopefully you now understand just how valuable the Advocate stage could be, as well as the key questions you need to ask to get your customers talking. Here’s how it works for our example companies.

When it comes to fashion we all love to show off our outfits. So a good example for Hazel & Hems would be to have customers write reviews for a discount code or points towards their next purchase. 

Better yet, follow up with the customers to ask them to share and tag themselves wearing the items in a social media post and providing them with something valuable as a reward.

For Cyrus & Clark Media, hopping on zoom meetings or a streaming service for live talks about them and their business could generate valuable awareness for them, and a live case study for the agency. They can use the questions Ryan provided during this lesson to conduct the interview.



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Drive Conversions and Generate Engagement With Instacart Promotions

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Drive Conversions and Generate Engagement With Instacart Promotions

Through deals and coupons, Instacart has saved consumers more than $700 million in 2022. As we dive into 2023, the leading grocery technology company in North America has big plans to help consumers save even more while also helping CPGs generate sales. Instacart recently announced an advertising solution that helps both sellers and consumers called Instacart Promotions. This exciting feature is designed to help drive conversions, boost sales, and generate overall engagement on the app.

Interested in this feature and how it can help your business on Instacart? Read on as we dive into everything you need to know about this ad solution including benefits, how to get started, and more.

 

What are Instacart Promotions?

 

Instacart Promotions is an advertising feature that’s now available to all brand partners, including emerging brands, within their open beta program. Promotions give CPGs the opportunity to offer new deal structures, promotions, and incentives with Instacart Ad campaigns. With this feature in place, consumers will have access to more promotions, coupons, and deals that are tailored to them within the Instacart Marketplace.

“With the launch of our new Instacart Promotions, all of our brand partners now have the ability to set up coupons and promotions that can drive meaningful business results while also passing on more savings opportunities to consumers. We’re proud to continue expanding our portfolio with additional self-service capabilities, ad formats that drive results, and measurement that brands need to understand the true impact of their campaigns on Instacart.”

 

– Ali Miller, VP of Ads Product at Instacart

 

Source: Instacart

 

How Do Instacart Promotions Work?

 

Promotions, now available in Ads Manager, gives consumers the ability to discover more promotions and savings opportunities within the Instacart app. These promotions now show up directly on product item cards before checkout for easy accessibility. Promotions allow advertisers to customize their campaigns to sync with their goals and objectives whether that be driving sales, building baskets, or boosting trials.

Instacart shared a recent example of a brand successfully utilizing Promotions… 

Athletic Brewing, General Mills, Sola Company, and Wells Enterprises (maker of Halo Top) are strengthening campaign performance by pairing Instacart Promotions with ad formats such as Sponsored Product and Display. Instacart Promotions include two new flexible and customizable structures: Coupons (“buy X units, save $Y”) and Stock Up & Save (“Spend $X, Save $Y”). 

According to Instacart, in the coming months, the company “will work to further enhance the new offering with new deal structures such as Free Gifts and Buy One, Get One (“BOGO”). The new deal structures will help brand partners run “Free Sample” programs that can win new customers and serve personalized discounts for different customer segments, such as “new to brand” and “new to category.”  

 

Example of Instacart Promotions

Source: Instacart

 

Instacart Promotions Benefits

 

Deliver Value and Savings to Consumers

 

With Instacart Promotions, you have the opportunity to deliver value and savings that will have consumers coming back for more. With this savings feature, your brand can stand out among the competition and offer a variety of deals to shoppers ie: “Buy X units, Save $Y”.

 

Hot tip: Ensure you are selecting products for your promotion that are well-stocked and widely available.  

 

Tailor Your Campaigns to Specific Objectives

 

With a variety of savings options available, your brand can structure deals to fit specific business goals and objectives. 

 

Hot tip: If you’re looking to drive visibility and awareness, try pairing promotions with Sponsored Product campaigns. 

 

Access Real-Time Performance Insights 

 

The Promotions beta program is live and can be accessed within Instacart Ads Manager. Within Ads Manager, advertisers can access real-time insights to maximize performance and adjust campaigns as needed.

 

Hot tip: Make sure your budget matches your discount and objectives.

 

“As an advertiser, Instacart’s unique offering to self-manage promotions is so exciting! Historically, making adjustments to offer values and other promotion parameters was a more manual process, but now we’ll be able to easily make optimizations in real-time based on redemption performance.”

Emily Choate

Emily Choate, Senior Specialist, Marketplace Search at Tinuiti

 

Interested in Instacart Promotions?

 

With Instacart Promotions, you have the opportunity to reach new customers, build bigger baskets, and drive sales. Interested in testing out the beta program or looking to get started with advertising on the app? Drop us a line – we’d love to help elevate your CPG brand on Instacart.

 

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(Re)Introducing your favorite Optimizely products!

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(Re)Introducing your favorite Optimizely products!



It’s important to us that you, our valued customers and partners, can identify with the tools you use daily.  

In that pursuit, Optimizely set out to simplify the way we talk about our product suite. That starts, first and foremost, with the words we use to refer to the technology.  

So, we’ve taken a hard look at everything in our portfolio, and are thrilled to introduce new names we believe are more practical, more consistent, and better representative of the technology we all know and love.  

You may have seen some of these names initially at Opticon 2022 as well as on our website. In the spirit of transparency, the team here at Optimizely wanted to make sure you had full visibility into the complete list of new names, as well as understand the context (and rationale) behind the changes. 

So, without further ado… 

Which names changed?  

Some, but not all. For your ongoing reference, below is a complete list of Optimizely products, with previous terminology you may be familiar with in the first column, and (if applicable) the new name in the second column.  

Used to be… 

Is now (or is still)… 

Meaning… 

DXP 

Optimizely Digital Experience Platform 

A fully-composable solution designed to support the orchestration, monetization, and experimentation of any type of digital experience — all from a single, open and extensible platform. 

Content Cloud 

Optimizely Content Management System 

A best-in-class system for building dynamic websites and helping digital teams deliver rich, secure and personalized experiences. 

Welcome 

Optimizely Content Marketing Platform 

An industry-leading and user-friendly platform helping marketing teams plan campaigns, collaborate on tasks, and author content. 

DAM 

Optimizely Digital Asset Management 

A modern storage tool helping teams of any size manage, track, and repurpose marketing and brand assets (with support for all file types). 

Content Recs 

Optimizely Content Recommendations 

AI-powered and real-time recommendations to serve the unique interests of each visitor and personalize every experience. 

B2B Commerce 

Optimizely Configured Commerce 

A templatized and easy-to-deploy platform designed to help manufacturers and distributors drive efficiency, increase revenue and create easy buying experiences that retain customers. 

Commerce Cloud 

Optimizely Customized Commerce 

A complete platform for digital commerce and content management to build dynamic experiences that accelerate revenue and keep customers coming back for more. 

PIM 

Optimizely Product Information Management 

A dedicated tool to help you set up your product inventory and manage catalogs of any size or scale. 

Product Recs 

Optimizely Product Recommendations 

Machine-learning algorithms optimized for commerce to deliver personalized product recommendations in real-time. 

Web 

Optimizely Web Experimentation 

An industry-leading experimentation tool allowing you to run A/B and multi-variant tests on any channel or device with an internet connection. 

Full Stack 

Optimizely Feature Experimentation 

A comprehensive experimentation platform allowing you to manage features, deploy safer tests, and roll out new releases – all in one place. 

Personalization 

Optimizely Personalization 

An add-on to core experimentation products, allowing teams to create/segment audiences based on past behavior and deliver more relevant experiences. 

Program Management 

Optimizely Program Management 

An add-on to core experimentation products, allowing teams to manage the end-to-end lifecycle of an experiment. 

ODP 

Optimizely Data Platform 

A centralized hub to harmonize data across your digital experience tools, providing one-click integrations, AI-assisted guidance for campaigns, and unified customer profiles. 

 

So, why the change?  

 It boils down to three guiding principles:  

  1. Uniformity: Create a naming convention that can be applied across the board, for all products, to drive consistency 
  2. Simplicity: Use terms that are both practical and concise, ensuring the names are something that everyone can understand and identify with  
  3. Completeness: Develop a framework that showcases the full and complimentary nature of all the products and solutions within the Optimizely suite 

 As the Optimizely portfolio comes together as a complete, unified platform, it’s important that our names reflect this, as well as support our 3 key solutions (i.e. orchestrate amazing content experiences, monetize every digital experience, and experiment across all touchpoints).  

Other questions? We’ve got you covered. 

Q: Why have you made these product name changes? 

    • We wanted to simplify how we talk about our portfolio. The renaming applies a naming convention that is both practical and concise.  

 

Q: Do the new product name changes affect the products I own? 

    • No, there is no impact to product functionality or capabilities.  

 

Q: Do the new product name changes affect who is my Customer Success Manager or Account Manager?  

    • No, there are no changes to your Customer Success Manager or Account Manager. 

 

Q: Do the new product name changes affect the ownership of the company?  

    • No, ownership of the company has not changed. We have only made changes to the Product Names. 

 

Q: Have any contact details changed that I need to be aware of?  

    • Only contact details for former Welcome customers has changed. These are the new contact details you should be aware of: Optimizely, Inc.| 119 5th Ave | 7th Floor | New York, NY 10003 USA. Phone: +1 603 594 0249 | www.optimizely.com 

 

Q: Where can I send any follow up questions I might have?  

    • If you have any questions about the Product Names, please contact your Customer Success Manager or Account Manager.  


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